Economist Likely One of Several Candidates for Coming Vacancies on Board of Governors

Obama administration officials are considering Treasury Undersecretary Lael Brainard for a position on the Federal Reserve's seven-member board of governors, according to people familiar with the administration's deliberations on a broad sweep of change hitting the central bank.

Ms. Brainard, a Ph.D. economist who has served as the Treasury Department's point person on international affairs since 2010, is likely only one of many candidates under consideration. The Fed board faces three vacancies in the next few months, and...